Home Equity and Resale Value
The purpose of undergoing any home renovation project should be two fold:
- to make your home more comfortable for you and your family
- to increase the equity in your home and enhance resale value
At times it's ok to focus on making the home more comfortable even if there isn't the most notable return on investment - after all, a home should feel like a home. Focusing on getting a high return on investment will always ensure that you win, while typically making your home feel more like your own. Being able to re-design your home to your tastes while ensuring you get your money back when it's time to sell makes sense any way you cut it.
Enhancing your home with exterior trim and window sills immediately increases the curb appeal of the home - bolstering that all-important first impression. It's your first chance to impress potential buyers, and you only get one chance to leave them with a positive impression. Being able to stand out from other homes people may be looking at will help you secure the best price for your home, and beautifully decorated windows and doors will do just that.
Maintenance is Key
Even if you plan on keeping your home instead of selling, the importance of keeping the home up-to-date can't be taken lightly. Other exterior architectural molding products such as wood last a few years at best, always rotting and coming apart. The rot and mould that forms can spread into your walls, causing significant structural damage that might not be covered by insurance. The damage will eat into the equity you have in your home, causing problems should you ever want to re-mortgage or look into a home equity release.
Resale Value
In fact, according to Remodeling Magazine's national surveys, exterior home renovations frequently rank at the top of the list in terms of immediate improvement to resale value. Renovations relating to the siding and doors frequently make it to the top, with an immediate ROI in excess of 80%. Most interior renovations on the other hand, pale in comparison at anywhere from 50%-70%.
That means that the actual cost of performing an exterior renovation on your home is only about 20% of what you're paying - allowing you to build significant equity in your home without greatly affecting your borrowing ability. Depending on what sorts of renovations are being performed, the return-on-investment can actually exceed 100%.
How? Energy-efficient home renovations (such as adding insulation, or upgrading heating/cooling efficiency) reduce your monthly bills. This reduction in monthly bills can be applied towards the cost of the renovation, literally paying for the renovation itself in just a few short years. Cladding materials such as brick and EIFS that incorporate insulation make a perfect match for Decoramould's products, such as trims for the windows and mouldings for the doors.